Ecoline Exim IPO is a book-built issue with a total size of ₹76.42 crore. The issue is a combination of fresh issue of 0.43 crore shares aggregating to ₹61.19 crores and offer for sale of 0.11 crore shares aggregating to ₹15.23 crores, aiming to raise funds for the company’s business needs. The IPO opens for subscription on September 23, 2025, and will close on September 25, 2025.
The basis of allotment is expected to be finalised on September 26, 2025, and the shares are likely to be listed on NSE SME on September 30, 2025. The price band for the issue is set between ₹134 and ₹141 per share, offering investors an entry at different levels.
The minimum application size is 1,000 shares, making the minimum investment for retail investors ₹2,82,000 at the upper band. For HNI investors, the minimum lot size is 3 lots, equivalent to 3,000 shares, amounting to ₹4,23,000.
Hem Securities Limited is acting as the book running lead manager, while MUFG Intime India Private Limited has been appointed as the registrar to the issue. Hem Finlease Private Limited is serving as the market maker for this IPO.
Ecoline Exim IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Funding the capital expenditure towards construction of building, mechanical and electrical works.
- Procurement of plant and machinery for setting up a new manufacturing facility at Ahmedabad
- Remaining funds will be used for general corporate purposes.
About Ecoline Exim Limited
Incorporated in 2008, Ecoline Exim Limited is primarily engaged in the manufacturing of a wide range of sustainable packaging and promotional bags made from cotton and jute.
The company exports its products globally and, during Fiscal 2025, successfully supplied to more than 27 countries. Major export markets include the European Union, the USA, Japan, Southeast Asia, and Mexico.
With rising global initiatives to reduce the use of plastics, the company provides sustainable, reusable, and biodegradable alternatives, offering eco-conscious bags that meet the increasing demand for environmentally responsible solutions.
The company’s product portfolio includes recycled cotton bags, made from pre- and post-consumer waste; organic cotton bags, produced from cotton grown without pesticides or fertilizers; Fairtrade cotton bags, manufactured in compliance with Fairtrade certification standards to ensure ethical labor practices and fair wages; conventional cotton bags, offering affordability and functionality; and jute bags, crafted from natural jute fibers and designed to carry heavier loads while remaining eco-friendly.
Additionally, the company produces textile articles such as aprons, further expanding its sustainable product range.
Ecoline Exim Limited operates as an Original Equipment Manufacturer (OEM), delivering customized packaging solutions to supermarkets, retail chains, wholesalers, and promotional companies.
Products are tailored to customer requirements with features such as screen printing, embroidery, labeling, and sizing. The company’s customer base is divided into two key segments: Functional, consisting of retailers, wholesalers, and supermarkets, and Promotional, comprising promotional companies and corporate gifting agencies. During Fiscal 2025, the company supplied to 55 functional customers and 32 promotional customers.
As of June 30, 2025, the company maintained an outstanding order book of ₹8,809.67 lakhs, comprising orders from approximately 63 customers. With three advanced manufacturing units located in Ahmedabad, Gujarat, and West Bengal, Ecoline Exim Limited continues to strengthen its position as a leading provider of sustainable packaging solutions in the global market.
Industry Outlook
- Growing restrictions on single use plastics, particularly in the EU, USA, and Asia, are fueling strong demand for eco friendly alternatives like cotton and jute bags. This regulatory environment positions sustainable packaging as a long term growth sector.
- With global sustainable packaging expected to grow at a CAGR of around 6.7% (2025–34), exporters of biodegradable bags are likely to benefit from increasing adoption in both developed and emerging markets. Established trade networks strengthen growth prospects.
- India’s “Plastic Waste Management Rules, 2022” banning single-use plastics, combined with a 26.7% CAGR projected for sustainable packaging in the domestic market, provide significant scope for local demand. This makes India one of the fastest-growing markets globally for eco-friendly packaging.
- India is the world’s largest producer of jute with about 1.68 million metric tons annually, much of which is being redirected into eco-friendly packaging. Strong government support for sustainable textiles further boosts industry competitiveness.
- Rising environmental awareness and demand for ethical, reusable, and biodegradable products are driving consumer preference for natural fiber bags. Cotton and jute packaging is increasingly seen as a lifestyle choice rather than just a utility.
- The industry is moving toward product diversification with customized fabrics, textures, and designs to meet varied customer needs. Value-added offerings such as Fairtrade, organic, and recycled cotton bags are expected to command premium demand.
- With manufacturers integrating backward into fabric production and forward into international distribution, the industry is poised to gain cost efficiencies and improved supply chain control. This integration strengthens competitiveness and supports export scalability.
How To Apply for the Ecoline Exim IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Ecoline Exim IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Ecoline Exim IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Ecoline Exim Limited
Registered office: 8, G.C. Ghosh Road Kolkata Kolkata, West Bengal, 700048
Phone: +91-89101-0025
E-mail:cs@ecoline.net.in
Website:https://ecoline.net.in/
Ecoline Exim IPO Reservation
|
Investor Category |
Shares Offered |
|
Market Maker Shares |
2,72,000 (5.02%) |
|
QIB Shares |
25,73,000 |
|
NII (HNI) Shares |
7,73,000 (14.26%) |
|
Retail Shares |
18,02,000 (33.25%) |
|
Total Shares |
54,20,000 (100.00%) |
Ecoline Exim IPO Lot Size Details
|
Application |
Lots |
Shares |
Amount |
|
Individual investors (Retail) (Min) |
2 |
2,000 |
₹2,82,000 |
|
Individual investors (Retail) (Max) |
2 |
2,000 |
₹2,82,000 |
|
S-HNI (Min) |
3 |
3,000 |
₹4,23,000 |
|
S-HNI (Max) |
7 |
7,000 |
₹9,87,000 |
|
B-HNI (Min) |
8 |
8,000 |
₹11,28,000 |
Ecoline Exim IPO Promoter Holding
The promoters of the company include Sudarshan Saraogi, Saurabh Saraogi, Shradha Saraogi, Gunjal Saraogi, and SL Commercial Private Limited.
|
Share Holding Pre-Issue |
100% |
|
Share Holding Post Issue |
73.58% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Ecoline Exim IPO
|
KPI |
Value |
|
ROE (%) |
23.51 |
|
RoCE (%) |
21.14 |
|
Debt/Equity |
0.45 |
|
RoNW (%) |
21.28 |
|
EBITDA Margin (%) |
11.14 |
Ecoline Exim IPO Prospectus
Ecoline Exim IPO Registrar and Lead Managers
Ecoline Exim IPO Lead Managers
- Hem Securities Limited
Registrar for Ecoline Exim IPO
MUFG Intime India Private Limited
- Contact Number: +91-22-4918 6270
- Email Address: ecolineexim.smeipo@in.mpms.mufg.com
- Ecoline Exim IPO Registrar: https://linkintime.co.in/Initial_Offer/public-issues.html
IPO Financials
| Particulars | Year ending on March 31, 2025 | Year ending on March 31, 2024 |
|---|---|---|
| Revenue from Operations (in ₹ lakh) | 26,928.70 | 27,218.58 |
| EBITDA (in ₹ lakh) | 2,999.05 | 3,394.29 |
| Profit After Tax (in ₹ lakh) | 1,882.25 | 2,258.90 |
| PAT Margin (%) | 6.99% | 8.30% |
| Net Worth (in ₹ lakh) | 8,844.51 | 7,170.03 |
| Return on Net Worth (%) | 21.28% | 31.50% |
| Return on Capital Employed (RoCE) (%) | 21.14% | 26.45% |
Know before investing
Strengths
8The company operates a sustainable and eco-friendly business model aligned with the three R’s—Reduce, Reuse, and Recycle.
A stringent quality control mechanism ensures consistency and standardized product quality.
Strategically located in-house manufacturing facilities provide cost efficiency and design expertise.
Long-standing relationships with customers strengthen business stability and repeat orders.
A widespread international presence across more than 25 countries enhances global market reach.
Healthy financial performance supports growth, expansion, and operational resilience.
An experienced and qualified management team drives strategic decision-making and execution.
Participation in leading trade fairs and exhibitions helps improve global brand visibility and market penetration.
Risks
8The proposed Factory V with weaving unit at Ahmedabad is subject to execution and project risks.
Dependence on third-party outsourcing for certain processes may affect quality, timelines, and cost control.
Reliance on a limited number of key customers exposes the company to revenue concentration risks.
Inaccurate demand forecasting and poor inventory management may adversely affect operations and financial results.
Past instances of negative operating cash flows highlight potential liquidity risks for the future.
Intense pricing pressure from customers could impact margins, profitability, and pricing power.
The business is dependent on multiple statutory and regulatory approvals, and any lapse may disrupt operations.
Discrepancies in corporate records and potential non-compliance with regulatory filings could result in penalties and reputational damage.
